On Friday, we noted that the difference between terrible numbers and Friday’s merely awful numbers were the government census hiring.
The Nonfarm payroll employment decline in April was -539,000. Private-sector employment fell by 611,000; the differential between NFP and private sector employment was primarily new hires for the 2010 Census;
Since we all can’t work for the Census Bureau, let’s look at the following charts (from Ron Griess of The Chart Store). These show the real economy — private sector hiring without the government stimulus.
Note the annual changes (middle chart, Private Payroll). It is approaching 6 million job losses per year. This is uncharted territory, an annual rate of change unprecedented for as long as the data has been tracked, going back to 1939:
Total Changes in Private Payrolls